Coinbase Delists WBTC on Dec 19 Amid Governance Concerns, Promotes cbBTC

Nov 19, 2024, 06:02 PM

Coinbase has announced the suspension of trading for Wrapped Bitcoin (WBTC) on December 19, 2024, following a routine asset review. The decision comes amidst governance concerns and the rising influence of Justin Sun over the protocol. Coinbase's move coincides with the launch of its own wrapped bitcoin token, cbBTC, which has already achieved a market cap of $1.5 billion. The delisting of WBTC is seen as an effort to promote the use of cbBTC, which is backed by Coinbase's name trust and operates under a different governance structure compared to WBTC's non-US multisig wallet setup.